Kim Jong-woo, COO of LS Electric, Koo Ja-kyun, Chairman of LS Electric, and Lee Jae-eon, CEO of Samsung C&T Trading & Investment Group (from left), are taking a commemorative photo after signing a MOU. (Samsung C&T)

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Samsung C&T Corp.’s trading and investment division and LS Electric Co. have joined forces to advance renewable energy projects in the United States.

The South Korean companies announced on Monday that they signed a memorandum of understanding to jointly pursue global new business development.

The signing ceremony, held at Samsung’s headquarters in Seoul, was attended by Samsung C&T CEO Lee Jae-eon and LS Electric Chairman Koo Ja-kyun.

The partnership will involve establishing a joint venture, with their first collaboration focused on a 500-megawatt (MW) battery energy storage system (BESS) project currently under development by Samsung C&T in the U.S.

Samsung C&T plans to enhance the value of this project, which is still in its early development stages, through joint efforts with LS Electric.

The collaboration aims to leverage the expertise and resources of both companies to maximize synergy.

Samsung C&T will oversee development areas, including obtaining regulatory permits, while LS Electric will provide technical solutions such as power systems.

Through the MOU, Samsung C&T seeks to expand its U.S. solar energy business, which has experienced steady growth over the past three years.

The company plans to move beyond its existing model of selling project rights before construction begins by collaborating with partners on joint projects to broaden its business scope.